S&P affirms Cambodia

Standard & Poor's said it affirmed its B+ long-term foreign- and local-currency and B short-term foreign- and local-currency sovereign credit ratings on the Kingdom of Cambodia.

The outlook remains stable.

Supporting the ratings on Cambodia is the country's record of strong growth in a framework of prudent macroeconomic policies and the continued engagement of international donors, the agency said. This, together with the concessional nature and favorable terms of Cambodia's debt, should ensure continued external liquidity improvement, in turn underpinning debt service capacity.

S&P said the ratings on Cambodia are constrained by vulnerability of growth and external liquidity due to the country's underdeveloped and narrow economic profile, by the country's high, albeit declining, public sector debt and by its exceedingly low revenue mobilization capacity.

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